capital rationing 中文意思是什麼
capital rationing
解釋
（資本分配）：管理者將資金在相互競爭的資本投資方案間進行分配的過程。-
The model of this paper explores the links between the following factors and the credit rationing in china. the change of banks " attitude to credit risk may lead to credit rationing ; banks give much more emphasis on the trade cost and the payable value of collateral, which may give rise to credit rationing ; the decreasing of asset price during economic stagnation produces credit rationing ; the bias of banks " objective function from the maximization of profit and the transformation of the function relating to the reform of the financial system cause credit rationing ; if different parts of the whole markets are not integrated, the credit in the part with low capital return ratio will be rationed. during economic recession, banks tend to ration the credit in the high - risk market ; the removing of interest ceiling will narrow down the interest spread of deposit and credit at least during a period, which may strengthen credit rationing ; meanwhile, the vulnerable borrowers, including small and middle - sized enterprises, will get more credit from banks even though they have to pay a higher interest rate
論文的模型探討了下列因素和中國信貸配給現象之間的聯系：商業銀行對信貸風險的態度變化，在辨別和控制信貸風險上開始投入大量的成本，這一過程會導致信貸配給；商業銀行對與法治環境相關的交易成本和抵押品清償價值的日漸關注會導致信貸配給；宏觀經濟緊縮時期資產價格下降會導致信貸配給；商業銀行經營目標函數偏離利潤最大化，近幾年金融業改革過程使商業銀行目標函數發生變化，這一變化過程可能導致信貸配給；在市場分化的條件下，收益水平低的市場會遭受信貸配給；在經濟下滑時期，商業銀行尤其會對高風險市場配給信貸；利率市場化使商業銀行的存貸利差至少在一段時間內縮窄，利差縮窄可能加重信貸配給的程度：在利率市場化條件下，弱勢借款者，包括中小企業，遭受信貸配給的程度可能得到緩解，但支付的貸款利率水平將會升高。 -
Besides, improving the social environment of honesty and trust, clearing the property rights will help reduce credit rationing. on the macro - level, the following conclusions are drawn. the speed of economic growth will slow down owing to credit rationing ; over - borrowing, which is the other side of the coin, will bring a lot of negative effects to enterprises ; the flowing of credit capital from vulnerable market to advantageous market will reduce the welfare of the whole society, and enlarge the gap between these two kinds of markets, which will make the financial system much more fragile
論文分析了信貸配給在宏觀層面的影響，指出：信貸配給延緩了經濟增長的速度；過多借款與信貸配給現象是一個硬幣的兩面，過多的借款會撐死企業；遭受信貸配給的市場和未受信貸配給的市場並存會造成貧富不均的社會問題；信貸資金從弱勢市場向強勢市場的流動將使整個社會的福利受損，使兩個市場間的投資邊際回報差距更加擴大，從而使整個金融體系更加不穩定。 -
Optimal capital rationing under limited capital
資金限制情況下投資項目的最優組合決策模型 -
Shares - rationing has been the main channel to raise long - term capital due to the narrow financing measures in china
在我國，由於上市公司的融資渠道比較狹窄，配股是公司上市后籌集長期資金的主要渠道。 -
Therefore the systematic research in earnings management on the basis of shares - rationing right will have a profound influence on the improvement of regularities in the stock market, on the scientific nature of regulatory policies of the capital market, on the behavior of public - offering corporation, on the healthy development of the capital market, and on the enrichment of evidence in earnings management
因此，對於我國上市公司基於配股權的盈餘管理現象作以系統的研究將對證券市場的完善、證券市場監管的科學化、上市公司行為的規范化以至整個證券市場的健康發展都會產生深遠的影響，同時還可以豐富盈餘管理的證據。 -
Hard rationing implies market imperfections, but that does not necessarily mean we have to throw away net present value as a criterion for capital budgeting
硬的合理分配暗示了市場的不完善，但是那並沒有必定意味著我們必須拋棄凈現值規則作為資本預算的一種標準。
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